Oil prices are beginning to fall from their March peak, but policy experts warn sinking energy costs don’t necessarily mean the global economy has stabilized as the Iran war continues on.
A report published by the International Energy Agency (IEA) on Tuesday noted the threat of “demand destruction” as consumers and global economies turn away from oil as prices remain elevated. According to the report, oil demand is projected to contract by 80,000 barrels per day in 2026, with the sharpest demand cuts in oil coming from the Middle East and Asia Pacific.
